During last year’s third quarter the company repaid $3 billion to Warren Buffett’s Berskshire Hathaway for its investment in GE during the depths of the financial crisis. Compared with last year’s adjusted results, GE’s earnings per share rose 13 per cent.

General Electric Co., based in Fairfield, Connecticut, was shaken during the financial crisis when investors began to worry that its enormous banking arm, GE Capital, would fail. GE is now paring down GE Capital and other non-industrial businesses such as commercial real estate.

Instead, the company is focusing on its industrial operations such as manufacturing jet engines, refrigerators and providing equipment and services to energy companies.

GE’s revenue from its industrial divisions rose 8 per cent in the third quarter and is up 10 per cent so far this year.

Orders for new equipment and services were down 5 per cent compared with last year, mainly because wind turbine orders have fallen dramatically because a key U.S. federal subsidy for wind power is scheduled to expire at year end. Excluding the dip in wind turbine orders, the company’s industrial orders were up 4 per cent.

More on thestar.com

We value respectful and thoughtful discussion. Readers are encouraged to flag comments that fail to meet the standards outlined in our
Community Code of Conduct.
For further information, including our legal guidelines, please see our full website
Terms and Conditions.